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On May 1, Wildhorse Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 14 29 Purchases 1,300 @ $4.10 750 @ $4.50 500 @ $4.68 May 3 16 18 Sales 320 1,000 @ $7.00 @ $7.00 430 @ $7.50 Calculate the cost of goods sold and ending inventory using FIFO..

On May 1, Wildhorse Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 14 29 Purchases 1,300 @ $4.10 750 @ $4.50 500 @ $4.68 May 3 16 18 Sales 320 1,000 @ $7.00 @ $7.00 430 @ $7.50 Calculate the cost of goods sold and ending inventory using FIFO..

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On May 1, Wildhorse Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 14 29 Purchases 1,300 @ $4.10 750 @ $4.50 500 @ $4.68 May 3 16 18 Sales 320 1,000 @ $7.00 @ $7.00 430 @ $7.50 Calculate the cost of goods sold and ending inventory using FIFO..
Transcribed Image Text:On May 1, Wildhorse Company had 450 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: May 4 14 29 Purchases 1,300 @ $4.10 750 @ $4.50 500 @ $4.68 May 3 16 18 Sales 320 1,000 @ $7.00 @ $7.00 430 @ $7.50 Calculate the cost of goods sold and ending inventory using FIFO..
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